Vancouver (pcJ News Briefs) – Platinum Group Metals Ltd. (TSX: PTM; NYSE MKT: PLG) has closed previously announced public offering of 15,390,000 common shares at US $1.30 per share for gross proceeds of US $20,007,000.
BMO Capital Markets acted as the sole underwriter for the offering.
Gowling WLG (Canada) LLP and Dorsey & Whitney LLP acted as Canadian and US legal counsel to Platinum Group Metals respectively. Blake, Cassels & Graydon LLP and Skadden, Arps, Slate, Meagher & Flom LLP acted as Canadian and US legal counsel to BMO Capital Markets.
Platinum Group Metals will use the net proceeds (i) for underground development and production ramp-up of the Maseve Mine; (ii) for working capital during start-up; (iii) for repayment of the US $2.5 million outstanding amount of a prior advance under its credit agreement with a syndicate of lenders led by Sprott Resource Lending Partnership; and (iv) for general corporate purposes.
Based in Johannesburg, South Africa and Vancouver, Platinum Group Metals Ltd. is currently focused on the operation of the Project 1 “Maseve” platinum mine and the exploration and feasibility engineering on the newly discovered Waterberg platinum and palladium deposit, where the company is the operator of the Waterberg JV Project with JOGMEC and Mnombo.
photo credit: Platinum Group Metals